1
EXHIBIT 99(b)(4)
PROJECT
THOROUGHBRED
Presentation of Fairness Opinion
to Board of Directors
[PIPER JAFFRAY LOGO]
December 1, 1997
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Table of Contents
SECTION
-------
Overview 1
Valuation of BLC 2
Long-Term Dividend Scenario 3
Company Sale Scenario 4
Valuation Summary 5
Premium Analysis 6
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Overview
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Overview
- Analysis of Ownership Structure
- Review of Appropriate Case Law
- BLC Valuation
- Valuation of Shares
- Company Sale Scenario
- Long-Term Dividend Scenario
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[Chart depicting the ownership structure of the Companies]
-------------------------RCB Ownership Structure
| --------------
| | |
| | |
| | |
| | 28.39%
1.40% | |
| | |
| | |
| | |
| | |
| | FEB
| | 598,711 shares ----------------
--22.12%---|---------|------- outstanding |
| | | |
| | | 77.63% 49.49%
| | 0.55% | |
| | | | |
Outsiders/SBP| -------- BUL |
| ----------14.56%--- 386,469 shares --------- |
| | outstanding | |
| | | |
| | 79.20% 7.26% |
| | | | |
| | | | |
| ----------- BLC ------------
---19.40%------------- 120,643 shares outstanding
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Legal Issues
- The Delaware Court must consider all relevant factors to determine fair
value.
- Delaware law compels inclusion of control premium at the parent company
when valuing controlled subsidiaries [Rapid-American Corporation vs.
Harris (Supreme Court of Delaware 1992)].
- Non-control shareholders at BLC are not entitled to a control premium.
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Valuation of BLC
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Valuation of BLC
- Fair Value Concept:
- "Going concern"
- Common Equity
- Price at which Company would change hands between willing buyer/willing
seller, neither under any compulsion to buy/sell, both having knowledge
of relevant facts.
- Three Primary Quantitative Valuation Methodologies:
- Comparable publicly traded company approach
- Comparable merger and acquisition transaction approach
- Discounted cash flow approach
- Consideration of Qualitative Aspects
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Historical and Projected Financial Summary
For Years 1992 - 2001*
($ in Millions)
1992 1993 1994 1995 1996 1997E 1998E 1999E 2000E 2001E
Net Sales $85 $99 $104 $118 $122 $136 $145 $155 $166 $178
Gross Profit $36 $45 $ 50 $ 52 $ 59 $ 66 $ 71 $ 76 $ 81 $ 87
EBIT 3.7 1.9 5.7 0.9 7.2 11.2 13.1 13.9 15 16.1
*Adjusted for Non-Recurring Expenses
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Historical and Projected Margin Summary
For Years 1992 - 2001*
(%)
1992 1993 1994 1995 1996 1997E 1998E 1999E 2000E 2001E
Gross Margin 42.2 46.0 47.9 44.4 48.5 48.3 49.0 49.0 49.0 49.0
EBIT Margin 4.4 1.9 5.5 0.8 5.9 8.3 9.0 9.0 9.0 9.1
*Adjusted for Non-Recurring Expenses
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Comparable Public Company Analysis
Manufacturers of Locks, Metal Products, Tools
or Commercial Building Materials
- Armstrong World Industries Inc. - Knape & Vogt Mfg. Co.
- Eastern Co. - Masco Corp.
- Ingersoll-Rand Co. - Stanley Works
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Comparable Public Companies
Selected Financial Data
COMPARABLE GROUP
BLC
(Latest Year) 11/4/97 LOW MEDIAN HIGH
------- ----- ------ ------
Net Sales (MM) $135 $59 $2,561 $6,813
Gross Margin 51.3% 24.0% 29.1% 36.6%
Operating Margin 10.1% 7.9% 10.5% 16.8%
Net Margin 5.4% 3.6% 5.0% 10.5%
Return on Assets 10.4% 5.2% 6.9% 10.7%
Return on Equity 24.4% 7.3% 17.3% 29.4%
5 Year Annual Revenue Growth 9.6% -0.9% 7.3% 15.4%
5 Year Annual Operating Income Growth 17.7% 6.4% 23.8% 27.9%
Debt/Total Capital 40.0% 10.0% 36.0% 39.0%
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PROJECT THOROUGHBRED
Weekly Relative Price Performance
1/1/95 - 11/28/97
Price = 100 on 12/30/94
COMP GROUP SMALL COMPS NASDAQ S&P 500 Composite
12/30/94 100.00 100.00 100.00 100.00
1/06/95 104.03 98.92 99.70 100.31
1/13/95 106.87 99.49 101.36 101.46
1/20/95 105.44 100.66 101.34 101.20
1/27/95 105.71 91.24 100.92 102.42
2/03/95 107.32 91.24 102.67 104.22
2/10/95 108.18 89.74 105.12 104.83
2/17/95 110.54 89.06 104.66 104.94
2/24/95 110.30 91.75 105.20 106.28
3/03/95 108.20 90.49 106.23 105.69
3/10/95 108.27 87.72 106.68 106.60
3/17/95 107.11 85.38 107.50 107.89
3/24/95 108.54 87.70 108.87 109.08
3/31/95 113.54 89.84 108.68 109.02
4/07/95 112.00 88.85 108.34 110.27
4/13/95 113.37 94.64 110.73 110.88
4/21/95 113.18 92.23 109.51 110.72
4/28/95 113.33 95.06 112.24 112.07
5/05/95 117.29 95.39 112.18 113.25
5/12/95 120.51 96.38 114.23 114.43
5/19/95 121.33 96.49 114.98 113.05
5/26/95 119.50 95.72 115.95 114.02
6/02/95 119.80 94.22 116.09 115.95
6/09/95 120.59 91.97 117.61 114.95
6/16/95 118.95 90.54 120.84 117.54
6/23/95 115.72 87.70 124.86 119.69
6/30/95 119.30 86.86 124.14 118.61
7/07/95 127.25 87.04 128.96 121.14
7/14/95 126.03 89.56 132.90 121.91
7/21/95 122.37 88.90 127.90 120.54
7/28/95 124.39 89.07 133.69 122.57
8/04/95 125.85 91.44 131.80 121.70
8/11/95 124.88 91.60 133.53 120.87
8/18/95 127.42 91.60 137.15 121.76
8/25/95 128.54 91.11 135.64 121.95
9/01/95 128.65 90.27 135.58 122.77
9/08/95 131.52 94.80 140.97 124.69
9/15/95 130.38 92.28 139.78 127.02
9/22/95 124.37 90.78 140.09 126.66
9/29/95 123.73 87.60 138.78 127.25
10/06/95 124.27 87.33 134.59 126.83
10/13/95 125.47 85.58 135.43 127.27
10/20/95 124.26 80.27 138.24 127.91
10/27/95 125.00 79.70 136.38 126.22
11/03/95 128.70 81.05 141.72 128.59
11/10/95 129.44 81.98 141.48 129.06
11/17/95 129.19 82.91 138.97 130.66
11/24/95 133.81 86.12 137.00 130.64
12/01/95 132.52 87.80 140.34 132.16
12/08/95 131.77 82.58 141.29 134.45
12/15/95 131.61 87.26 137.04 134.20
12/22/95 131.29 88.44 139.22 133.25
12/29/95 133.36 90.87 139.92 134.11
1/05/96 132.76 89.37 137.44 134.28
1/12/96 129.42 88.92 134.08 131.04
1/19/96 128.69 84.54 135.44 133.22
1/26/96 129.81 81.36 138.43 135.35
2/02/96 134.21 78.17 142.58 138.45
2/09/96 138.08 79.34 145.57 142.92
2/16/96 135.36 78.19 145.05 141.09
2/23/96 139.00 82.55 148.65 143.51
3/01/96 135.57 79.87 144.43 140.30
3/08/96 133.84 80.03 141.46 137.94
3/15/96 139.06 78.86 146.23 139.66
3/22/96 141.35 78.35 146.58 141.66
3/29/96 136.95 78.02 146.47 140.55
4/04/96 135.15 78.02 148.71 142.80
4/12/96 129.60 76.69 146.41 138.64
4/19/96 134.50 75.70 151.43 140.46
4/26/96 133.78 76.36 157.84 142.28
5/03/96 136.41 79.76 157.53 139.71
5/10/96 140.28 82.17 159.95 141.98
5/17/96 146.03 88.23 165.15 145.65
5/24/96 144.60 87.60 165.94 147.74
5/31/96 143.13 83.75 165.36 145.69
6/07/96 140.28 85.01 163.54 146.60
6/14/96 139.31 85.10 161.34 144.98
6/21/96 142.25 80.72 156.32 145.20
6/28/96 142.30 83.09 157.59 146.02
7/05/96 139.39 85.43 154.04 143.15
7/12/96 136.31 82.22 146.75 140.70
7/19/96 136.70 81.15 145.98 139.08
7/26/96 132.84 82.17 143.55 138.46
8/02/96 140.11 81.33 149.60 144.25
8/09/96 143.35 80.76 151.24 144.16
8/16/96 142.63 80.91 150.76 144.84
8/23/96 142.41 82.35 152.01 145.24
8/30/96 139.40 82.68 151.80 141.96
9/06/96 141.01 83.19 151.52 142.77
9/13/96 143.72 82.68 158.08 148.18
9/20/96 144.35 84.36 162.20 149.59
9/27/96 145.07 82.53 163.58 149.41
10/04/96 144.78 84.94 165.91 152.73
10/11/96 143.26 84.36 166.00 152.56
10/18/96 147.11 86.55 165.23 154.77
10/25/96 145.34 88.72 162.59 152.62
11/01/96 144.56 90.40 162.48 153.24
11/08/96 150.84 90.08 167.23 159.13
11/15/96 152.06 89.77 167.80 160.61
11/22/96 158.24 88.72 169.47 163.03
11/29/96 161.74 88.72 171.90 164.83
12/06/96 158.29 91.75 171.24 161.04
12/13/96 154.38 89.74 170.87 158.65
12/20/96 156.33 92.26 171.36 163.06
12/27/96 156.18 93.10 171.74 164.78
1/03/97 157.34 88.90 174.30 162.87
1/10/97 160.30 88.90 177.14 165.37
1/17/97 162.08 95.47 179.40 169.00
1/24/97 159.08 91.77 181.37 167.77
1/31/97 163.29 92.95 183.50 171.18
2/07/97 163.80 89.76 180.56 171.92
2/14/97 165.84 90.67 181.82 176.04
2/21/97 167.42 95.11 177.45 174.57
2/28/97 165.64 93.25 174.08 172.19
3/07/97 171.80 96.01 174.45 175.27
3/14/97 170.78 91.24 171.95 172.70
3/21/97 169.00 92.32 166.77 170.73
3/27/97 162.61 90.82 166.17 168.50
4/04/97 160.57 87.74 164.47 165.02
4/11/97 158.13 88.16 160.50 160.61
4/18/97 165.47 85.19 162.58 166.86
4/25/97 166.04 89.89 160.82 166.65
5/02/97 173.31 87.76 173.59 177.01
5/09/97 174.66 89.56 177.54 179.58
5/16/97 174.58 89.91 178.30 180.67
5/23/97 178.06 85.56 184.81 184.43
5/30/97 180.99 86.73 186.22 184.70
6/06/97 183.05 90.22 186.82 186.82
6/13/97 192.65 89.53 189.24 194.50
6/20/97 197.98 93.11 192.44 195.68
6/27/97 194.64 93.77 191.25 193.20
7/03/97 198.19 96.89 195.17 199.65
7/11/97 200.01 96.02 199.83 199.60
7/18/97 196.54 95.37 205.86 199.29
7/25/97 202.04 94.69 208.73 204.41
8/01/97 212.82 98.22 212.02 206.23
8/08/97 206.88 97.91 212.58 203.27
8/15/97 203.65 98.40 207.73 196.14
8/22/97 203.22 95.40 212.60 201.09
8/29/97 197.15 97.25 211.09 195.85
9/05/97 200.44 97.75 217.53 202.29
9/12/97 199.72 99.84 219.34 201.17
9/19/97 206.74 99.17 223.46 206.96
9/26/97 203.21 100.59 223.71 205.81
10/03/97 206.42 107.53 228.19 210.12
10/10/97 207.90 111.73 231.27 210.55
10/17/97 200.52 118.44 221.67 205.58
10/24/97 203.23 115.68 219.55 205.03
10/31/97 193.61 112.51 211.93 199.15
11/07/97 196.06 111.59 213.10 201.95
11/14/97 195.90 112.43 210.58 202.14
11/21/97 203.43 113.01 215.54 209.70
11/28/97 204.17 113.25 212.85 208.03
* Comp Group includes ACK, EML, IR, KNAP, MAS, SWK
Small Comps includes EML, KNAP
Data provided by Interactive Data
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Comparable Public Company Analysis
COMPARABLE GROUP BLC INDICATED EQUITY VALUE
($MM) LOW MEDIAN HIGH 11/4/97 LOW MEDIAN HIGH
--- ------ ---- ------- --- ------ ----
Price/Earnings
5 Year Average 19.9x 24.0x 35.1x $ 2.6 $ 51.7 $ 62.3 $ 91.1
3 Year Average 15.4x 22.9x 32.1x $ 2.9 $ 44.8 $ 66.6 $ 93.3
Last Twelve Months (LTM) 12.2x 19.5x 33.5x $ 7.3 $ 89.5 $143.0 $245.7
1997 Estimate 12.9x 16.4x 20.5x $ 5.3 $ 68.4 $ 86.9 $108.7
1998 Estimate 11.4x 16.1x 18.0x $ 6.4 $ 73.0 $103.0 $115.2
Price/Book Value 1.8x 4.2x 6.2x $ 33.6 $ 59.1 $140.9 $209.0
Price/Cash Flow
LTM 7.4x 10.5x 20.4x $ 12.9 $ 95.4 $135.3 $262.9
3 Year Average 8.3x 12.2x 22.6x $ 7.8 $ 64.9 $ 95.4 $176.7
Enterprise Value/LTM Revenues 0.9x 1.3x 2.4x $135.1 $ 96.3 $159.8 $308.4
Enterprise Value/LTM Operating Income 8.9x 10.8x 17.4x $ 13.6 $101.7 $128.2 $217.9
Enterprise Value/LTM EBITDA 6.2x 7.7x 14.4x $ 19.1 $100.1 $128.9 $257.1
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Comparable Public Company Analysis
Indicated Valuation $64 - $68 million
Premium for Control to Shareholders of Parent 15.0%
CONTROL VALUATION . . . . . . . . . . . . . . . . $74 - $78 MILLION
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Mergers & Acquisitions Analysis
- Manufacturing Companies
- Transactions from 1/94 to Present
- Eight meaningful transactions
- Focus on sales & earnings multiples
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Mergers & Acquisitions Results
COMPARABLE GROUP BLC INDICATED EQUITY VALUE
($MM) LOW MEDIAN HIGH 11/4/97 LOW MEDIAN HIGH
--- ------ ---- ------- ---- ------ ----
Enterprise Value/Revenues
3 Year Average 0.4x 0.7x 1.4x $114.7 $27.4 $ 61.8 $142.0
Last Twelve Months (LTM) 0.4x 0.7x 1.4x $135.1 $35.5 $ 76.0 $170.6
1997 Estimate 0.4x 0.7x 1.4x $135.5 $35.7 $ 76.3 $171.2
Enterprise Value/Operating Income
3 Year Average 4.1x 11.5x 22.1x $ 4.6 $ 0.3 $ 34.3 $ 82.9
LTM 4.1x 11.5x 22.1x $ 13.6 $37.2 $137.7 $281.7
1997 Estimate 4.1x 11.5x 22.1x $ 11.2 $27.4 $110.3 $229.0
Equity Value/Net Income
3 Year Average 6.4x 18.0x 39.9x $ 2.9 $18.6 $ 52.3 $116.0
LTM 6.4x 18.0x 39.9x $ 7.3 $46.9 $132.0 $292.6
1997 Estimate 6.4x 18.0x 39.9x $ 5.3 $33.9 $ 85.3 $211.5
Equity Value/Book Value
LTM 0.8x 2.9x 9.9x $ 33.6 $26.8 $ 97.3 $332.2
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Mergers & Acquisitions Analysis
Valuation Range: $60 - 65 Million
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Discounted Cash Flow Analysis
- - Components
- EBIT & Taxes
- Depreciation/Amortization
- Changes in Working Capital
- Capital Expenditures
- Share Plan Repurchases
- Discount Rate: 13% - 17%
- Terminal Value: 5x-7x EBIT
- - Determine Value of Equity by Adjusting for Debt and Cash
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Discounted Cash Flow Analysis
(in Millions)
1997(i) 1998 1999 2000 2001
Operating Income 1.1 13.1 13.9 15.0 16.1
Depreciation 1.4 5.5 5.7 5.8 5.9
Working Capital 1.6 (1.4) (1.3) (1.6) (1.7)
Capital Expenses (1.6) (5.0) (5.5) (6.0) (6.5)
Bonus Plan 0.0 (0.3) (0.2) (0.3) (0.6)
(i) Last three months of 1997
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Discounted Cash Flow Results
($MM) Low Median High
----- ------ -----
Equity Value* $41.6 $54.4 $68.9
* Calculated after adding cash of $3.7 million and subtracting debt of
$22.2 million
DCF VALUE . . . . . . . . . . . . . . . . . . . . . . $50 MILLION TO $56 MILLION
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BLC Valuation Summary
EQUITY VALUE
------------
Comparable Public Company Analysis $74 - $78 million
Comparable M&A Transaction Analysis $60 - $65 million
Discounted Cash Flow Analysis $50 - $56 million
BLC VALUATION . . . . . . . . . . . . . . . . . . $56 - $60 MILLION
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Equity Value - BLC
($MM)
Range
-----
Comparable Company $78-74
Comparable M&A $65-60
DCF $56-50
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Long-Term Dividend Scenario
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Long-Term Dividend Scenario
Assumptions
- - Value based exclusively on continuing dividend stream.
- - Dividends for first five years (1997-2001) based on management's operating
plan.
- - After 2001 a normalized dividend capacity is calculated based on the
Company's long-term growth outlook.
- - Present value of all future dividends is distributed to shareholders in
continuous loop until exhausted.
- - Incorporates tax assumptions confirmed by Company's outside tax advisor.
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[Chart depicting dividend of $100]
Illustration of $100 Dividend
------------------------>RCB
/|\ ------------->
| /|\
| | /|\
| | |
| | |
| | |
$1.40 | |
| | $14.57
| | /|\
| | |
| | |
| | |
| | |
| | FEB ------------------------------->
| | 598,711 shares ---------------> |
--$11.29---|---------|------- outstanding | |
| | | /|\ | $4.83
| | $0.41 | $25.27 |
| | | $55.89 | |
| | | | | |
| | | BUL | |
\|/ | <--------386,469 shares -------> | \|/
Outsiders/SBP|-------$10.73<----- outstanding -------|------|---$6.84---> Taxes and
/|\ | /|\ | | Administration
| | | $5.35 | Expenses
| | $79.21 | |
| | | \|/ \|/
| <----------- BLC <-----------
---$19.39<--------------120,643 shares outstanding
Note: Reflects impact of BUL A preference.
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Summary of $100 Dividend
Round 1 Complete
------- --------
Outside Shareholders $ 27.48 $ 38.17
Stock Bonus Plan 13.93 19.35
Inside Shareholders 16.30 22.64
Best Lock Corp. 30.62 0.00
------- -------
$ 88.34 $ 80.15
Administrative Expenses .93 1.29
Corporate Taxes 10.73 18.56
------- -------
$100.00 $100.00
======= =======
Note: Reflects impact of BUL A preference
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Normalized Dividends
$MM
---
Actual 2001 Dividend $2.0
Add: Debt Repayment 3.0
Interest Expense .2
----
$5.2
Required Return on Equity
Risk Free Rate 6.2%
S&P 500 Market Premium 8.3%
Small Company Premium 4.5%
-----
19.0%
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Present Value of Dividend Stream
($ Millions)
1997 1998 1999 2000 2001 Normalized
---- ---- ---- ---- ---- ----------
Net Cash Available
for Dividends $2.50 $1.90 $2.10 $2.10 $ 2.00 $5.20
Perpetuity Value of
Future Dividends
@ 10% Growth Rate $81.71
----- ----- ----- ----- ------
Total $2.50 $1.90 $2.10 $2.10 $83.71
Return on Equity
17% 19% 21%
--- --- ---
Present Value of Dividend Stream $44.14 $40.81 $37.80
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Present Value Per Share of Dividend Stream
17% 19% 21%
-------- -------- --------
BLC $ 519.51 $ 481.36 $ 446.82
BUL A $ 119.47 $ 110.72 $ 102.80
BUL B $ 116.75 $ 108.25 $ 100.52
FEB $ 53.45 $ 49.58 $ 46.06
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Company Sale Scenario
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Company Sale Scenario - Value Per Share
Assumptions
- Company sold in competitive auction for $56, 58 and $60 million
- Stock sale structure
- Gains on sale reduced by cost basis
- Incorporates tax assumptions confirmed by Company's outside tax advisor
- Proceeds of sale flow through ownership loops until exhausted
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Company Sale Scenario - Value Per Share
Equity Value
$56MM $58MM $60MM
----- ----- -----
BLC $475.76 $492.75 $509.74
BUL A&B $ 83.62 $ 86.61 $ 89.59
FEB $ 25.14 $ 26.04 $ 26.94
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Valuation Summary
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Graph of Sale & Dividend Model Stock Prices
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Indicated Value Ranges
Long-Term Company
Dividend Valuation Sale Valuation
------------------ --------------
BLC $447-$520 $476-$510
BUL A $103-$119 $84-$90
BUL B $101-$117 $84-$90
FEB $46-$53 $25-$27
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Graph of BLC Stock Last 12 Months
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38
BEST LOCK CORP
DAILY STOCK PRICE/VOLUME PERFORMANCE
11/27/96 - 11/28/97
Volume (000s)
DATE VOLUME STOCK PRICE
11/27/96 - 95.00
11/29/96 - 95.00
12/02/96 - 95.00
12/03/96 - 95.00
12/04/96 - 95.00
12/05/96 - 95.00
12/06/96 - 95.00
12/09/96 - 95.00
12/10/96 - 95.00
12/11/96 - 95.00
12/12/96 - 95.00
12/13/96 - 95.00
12/16/96 - 95.00
12/17/96 - 95.00
12/18/96 - 95.00
12/19/96 - 95.00
12/20/96 - 95.00
12/23/96 - 95.00
12/24/96 - 95.00
12/26/96 - 95.00
12/27/96 - 130.00
12/30/96 - 100.00
12/31/96 - 100.00
1/02/97 - 90.00
1/03/97 - 90.00
1/06/97 - 90.00
1/07/97 - 90.00
1/08/97 - 90.00
1/09/97 - 95.00
1/10/97 - 95.00
1/13/97 - 95.00
1/14/97 - 95.00
1/15/97 - 95.00
1/16/97 - 95.00
1/17/97 - 100.00
1/20/97 - 100.00
1/21/97 - 100.00
1/22/97 - 100.00
1/23/97 - 100.00
1/24/97 - 100.00
1/27/97 - 100.00
1/28/97 - 100.00
1/29/97 - 100.00
1/30/97 - 100.00
1/31/97 - 100.00
2/03/97 - 100.00
2/04/97 - 100.00
2/05/97 - 100.00
2/06/97 - 100.00
2/07/97 - 100.00
2/10/97 - 100.00
2/11/97 - 100.00
2/12/97 - 100.00
2/13/97 - 100.00
2/14/97 - 100.00
2/18/97 - 100.00
2/19/97 - 100.00
2/20/97 - 100.00
2/21/97 - 100.00
2/24/97 - 100.00
2/25/97 - 100.00
2/26/97 - 100.00
2/27/97 - 100.00
2/28/97 - 100.00
3/03/97 - 100.00
3/04/97 - 100.00
3/05/97 - 100.00
3/06/97 - 100.00
3/07/97 - 100.00
3/10/97 - 100.00
3/11/97 - 100.00
3/12/97 - 100.00
3/13/97 - 100.00
3/14/97 - 100.00
3/17/97 - 100.00
3/18/97 - 100.00
3/19/97 - 100.00
3/20/97 - 100.00
3/21/97 - 100.00
3/24/97 - 100.00
3/25/97 - 100.00
3/26/97 - 100.00
3/27/97 - 100.00
3/31/97 - 100.00
4/01/97 - 100.00
4/02/97 - 100.00
4/03/97 - 105.00
4/04/97 - 105.00
4/07/97 - 105.00
4/08/97 - 105.00
4/09/97 - 110.00
4/10/97 - 110.00
4/11/97 - 110.00
4/14/97 - 110.00
4/15/97 - 110.00
4/16/97 - 110.00
4/17/97 - 110.00
4/18/97 - 110.00
4/21/97 - 110.00
4/22/97 - 110.00
4/23/97 - 100.00
4/24/97 - 110.00
4/25/97 1.6 125.00
4/28/97 - 121.00
4/29/97 - 125.00
4/30/97 - 125.00
5/01/97 - 125.00
5/02/97 - 126.00
5/05/97 - 126.00
5/06/97 - 125.00
5/07/97 - 135.00
5/08/97 - 126.00
5/09/97 - 126.00
5/12/97 - 126.00
5/13/97 - 126.00
5/14/97 - 126.00
5/15/97 - 126.00
5/16/97 - 126.00
5/19/97 0.0 135.00
5/20/97 - 136.00
5/21/97 - 137.00
5/22/97 - 137.00
5/23/97 - 137.00
5/27/97 - 137.00
5/28/97 - 137.00
5/29/97 - 137.00
5/30/97 0.2 137.00
6/02/97 - 137.00
6/03/97 0.0 178.00
6/04/97 - 138.00
6/05/97 - 138.00
6/06/97 - 138.00
6/09/97 0.0 138.00
6/10/97 - 138.00
6/11/97 0.2 136.00
6/12/97 - 136.00
6/13/97 - 143.00
6/16/97 - 145.00
6/17/97 - 145.00
6/18/97 - 140.00
6/19/97 - 140.00
6/20/97 - 140.00
6/23/97 - 140.00
6/24/97 - 140.00
6/25/97 - 140.00
6/26/97 - 150.00
6/27/97 0.0 205.00
6/30/97 - 205.00
7/01/97 - 160.00
7/02/97 - 160.00
7/03/97 - 150.00
7/07/97 0.1 160.00
7/08/97 - 170.00
7/09/97 - 170.00
7/10/97 - 170.00
7/11/97 - 170.00
7/14/97 - 170.00
7/15/97 - 170.00
7/16/97 - 171.00
7/17/97 - 175.00
7/18/97 - 172.00
7/21/97 - 175.00
7/22/97 - 175.00
7/23/97 - 217.50
7/24/97 0.1 240.00
7/25/97 - 250.00
7/28/97 - 250.00
7/29/97 - 200.00
7/30/97 - 200.00
7/31/97 - 200.00
8/01/97 - 205.00
8/04/97 0.0 205.00
8/05/97 0.1 240.00
8/06/97 - 240.00
8/07/97 - 215.00
8/08/97 0.0 220.00
8/11/97 - 220.00
8/12/97 - 220.00
8/13/97 - 220.00
8/14/97 0.0 240.00
8/15/97 - 240.00
8/18/97 - 225.00
8/19/97 - 225.00
8/20/97 - 225.00
8/21/97 - 225.00
8/22/97 - 225.00
8/25/97 - 225.00
8/26/97 - 225.00
8/27/97 - 200.00
8/28/97 - 200.00
8/29/97 - 200.00
9/02/97 - 200.00
9/03/97 - 200.00
9/04/97 - 200.00
9/05/97 - 200.00
9/08/97 0.0 225.00
9/09/97 - 250.00
9/10/97 - 255.00
9/11/97 - 255.00
9/12/97 0.4 240.00
9/15/97 - 235.00
9/16/97 - 235.00
9/17/97 - 235.00
9/18/97 - 235.00
9/19/97 - 235.00
9/22/97 - 235.00
9/23/97 - 235.00
9/24/97 - 235.00
9/25/97 - 235.00
9/26/97 - 235.00
9/29/97 - 235.00
9/30/97 - 235.00
10/01/97 3.0 235.00
10/02/97 - 235.00
10/03/97 - 235.00
10/06/97 - 235.00
10/07/97 - 235.00
10/08/97 - 235.00
10/09/97 - 235.00
10/10/97 0.1 255.00
10/13/97 - 240.00
10/14/97 - 240.00
10/15/97 - 240.00
10/16/97 - 240.00
10/17/97 - 240.00
10/20/97 - 235.00
10/21/97 - 242.00
10/22/97 - 242.00
10/23/97 - 242.00
10/24/97 - 242.00
10/27/97 - 242.00
10/28/97 - 242.00
10/29/97 - 242.00
10/30/97 - 242.00
10/31/97 - 242.00
11/03/97 - 242.00
11/04/97 - 242.00
11/05/97 - 242.00
11/06/97 - 242.00
11/07/97 - 242.00
11/10/97 - 242.00
11/11/97 - 242.00
11/12/97 - 242.00
11/13/97 - 242.00
11/14/97 - 242.00
11/17/97 - 242.00
11/18/97 - 242.00
11/19/97 0.1 290.00
11/20/97 - 255.00
11/21/97 - 255.00
11/24/97 0.0 256.25
11/25/97 - 256.25
11/26/97 - 260.50
11/28/97 - 260.50
The average stock price of BLC during the period covered by this table is
$158.84.
Data Provided by Interactive Data
39
Project Thoroughbred
- --------------------------------------------------------------------------------
Graph of BUL Stock Last 12 Months
5-3
40
BEST UNIVERSAL LOCK
DAILY STOCK PRICE/VOLUME PERFORMANCE
11/27/96 - 11/28/97
VOLUME (000S)
STOCK PRICE
STOCK
DATE VOLUME PRICE
11/27/96 - 31.00
11/29/96 - 31.00
12/02/96 - 31.00
12/03/96 - 31.00
12/04/96 - 31.00
12/05/96 - 31.00
12/06/96 - 31.00
12/09/96 - 31.00
12/10/96 - 31.00
12/11/96 - 31.00
12/12/96 - 31.00
12/13/96 - 31.00
12/16/96 - 31.00
12/17/96 - 31.00
12/18/96 - 31.00
12/19/96 0.2 31.00
12/20/96 - 31.00
12/23/96 - 31.00
12/24/96 - 31.00
12/26/96 - 32.00
12/27/96 - 32.00
12/30/96 1.8 36.25
12/31/96 - 36.25
1/02/97 - 36.25
1/03/97 - 36.25
1/06/97 - 32.00
1/07/97 5.8 32.25
1/08/97 - 32.25
1/09/97 - 32.25
1/10/97 - 32.25
1/13/97 - 32.25
1/14/97 - 32.25
1/15/97 - 32.25
1/16/97 - 32.25
1/17/97 - 37.00
1/20/97 - 31.00
1/21/97 - 31.00
1/22/97 - 31.00
1/23/97 - 31.00
1/24/97 - 31.00
1/27/97 - 31.00
1/28/97 - 32.00
1/29/97 - 32.00
1/30/97 - 32.00
1/31/97 - 32.00
2/03/97 - 37.00
2/04/97 - 37.00
2/05/97 - 37.00
2/06/97 - 37.00
2/07/97 - 37.00
2/10/97 - 37.00
2/11/97 - 37.00
2/12/97 - 37.00
2/13/97 - 37.00
2/14/97 - 37.00
2/18/97 - 37.00
2/19/97 - 37.00
2/20/97 - 37.00
2/21/97 - 37.00
2/24/97 - 37.00
2/25/97 - 37.00
2/26/97 - 37.00
2/27/97 - 37.00
2/28/97 - 37.00
3/03/97 - 37.00
3/04/97 - 37.00
3/05/97 - 37.00
3/06/97 - 37.00
3/07/97 - 37.00
3/10/97 - 37.00
3/11/97 - 37.00
3/12/97 - 37.00
3/13/97 - 37.00
3/14/97 - 37.00
3/17/97 - 37.00
3/18/97 - 37.00
3/19/97 - 37.00
3/20/97 - 37.00
3/21/97 - 37.00
3/24/97 - 37.00
3/25/97 - 37.00
3/26/97 - 37.00
3/27/97 - 37.00
3/31/97 - 37.00
4/01/97 - 37.00
4/02/97 - 37.00
4/03/97 - 37.00
4/04/97 - 37.00
4/07/97 - 37.50
4/08/97 - 37.50
4/09/97 - 37.50
4/10/97 - 37.50
4/11/97 - 37.50
4/14/97 - 37.50
4/15/97 - 37.50
4/16/97 - 37.50
4/17/97 - 37.50
4/18/97 - 37.50
4/21/97 - 37.50
4/22/97 - 37.50
4/23/97 - 37.50
4/24/97 - 34.00
4/25/97 - 34.00
4/28/97 - 34.00
4/29/97 - 35.00
4/30/97 - 35.00
5/01/97 - 35.00
5/02/97 - 35.00
5/05/97 - 35.00
5/06/97 - 35.00
5/07/97 - 35.00
5/08/97 - 35.00
5/09/97 - 35.00
5/12/97 - 35.00
5/13/97 - 35.00
5/14/97 - 35.00
5/15/97 - 35.00
5/16/97 - 35.00
5/19/97 - 35.00
5/20/97 - 35.00
5/21/97 - 35.00
5/22/97 - 35.00
5/23/97 - 35.00
5/27/97 - 35.00
5/28/97 - 35.00
5/29/97 - 35.00
5/30/97 - 35.00
6/02/97 - 35.00
6/03/97 - 35.00
6/04/97 - 35.00
6/05/97 - 35.00
6/06/97 - 35.00
6/09/97 - 35.00
6/10/97 - 35.00
6/11/97 - 35.00
6/12/97 - 35.00
6/13/97 - 38.00
6/16/97 - 38.00
6/17/97 - 37.00
6/18/97 - 37.00
6/19/97 - 37.00
6/20/97 - 37.00
6/23/97 - 37.00
6/24/97 - 37.00
6/25/97 - 37.00
6/26/97 - 37.00
6/27/97 - 37.00
6/30/97 - 37.00
7/01/97 - 37.00
7/02/97 - 37.00
7/03/97 - 37.00
7/07/97 - 37.00
7/08/97 - 37.00
7/09/97 - 37.00
7/10/97 - 37.00
7/11/97 - 37.00
7/14/97 - 37.00
7/15/97 - 37.00
7/16/97 - 37.00
7/17/97 - 37.00
7/18/97 - 37.00
7/21/97 - 37.00
7/22/97 - 37.00
7/23/97 0.5 47.00
7/24/97 - 43.00
7/25/97 - 48.50
7/28/97 0.2 53.00
7/29/97 - 46.00
7/30/97 - 46.00
7/31/97 - 46.00
8/01/97 - 46.00
8/04/97 - 46.00
8/05/97 - 46.00
8/06/97 - 46.00
8/07/97 - 46.00
8/08/97 - 46.00
8/11/97 - 46.00
8/12/97 - 46.00
8/13/97 - 46.00
8/14/97 - 46.00
8/15/97 - 46.00
8/18/97 - 46.00
8/19/97 - 46.00
8/20/97 - 46.00
8/21/97 - 46.00
8/22/97 - 46.00
8/25/97 - 46.50
8/26/97 - 46.50
8/27/97 - 47.25
8/28/97 - 45.00
8/29/97 - 45.00
9/02/97 - 45.00
9/03/97 - 47.00
9/04/97 - 47.00
9/05/97 - 47.00
9/08/97 - 47.00
9/09/97 - 47.00
9/10/97 - 48.00
9/11/97 - 48.00
9/12/97 - 48.00
9/15/97 - 48.00
9/16/97 - 48.00
9/17/97 - 48.00
9/18/97 - 48.00
9/19/97 - 48.00
9/22/97 - 46.00
9/23/97 - 46.00
9/24/97 - 46.00
9/25/97 - 46.00
9/26/97 - 46.00
9/29/97 - 46.00
9/30/97 - 46.00
10/01/97 - 46.00
10/02/97 - 48.00
10/03/97 - 46.00
10/06/97 - 46.00
10/07/97 - 46.00
10/08/97 - 46.00
10/09/97 - 46.00
10/10/97 - 46.00
10/13/97 - 46.00
10/14/97 - 46.00
10/15/97 - 46.00
10/16/97 - 46.00
10/17/97 - 46.00
10/20/97 - 46.00
10/21/97 - 46.00
10/22/97 - 46.00
10/23/97 - 46.00
10/24/97 - 46.00
10/27/97 - 46.00
10/28/97 - 46.00
10/29/97 - 46.00
10/30/97 - 46.00
10/31/97 - 46.00
11/03/97 - 48.00
11/04/97 - 48.00
11/05/97 - 48.00
11/06/97 - 48.00
11/07/97 - 48.00
11/10/97 - 48.00
11/11/97 - 48.25
11/12/97 - 48.25
11/13/97 - 48.50
11/14/97 - 48.50
11/17/97 - 48.50
11/18/97 - 48.50
11/19/97 - 48.50
11/20/97 - 48.50
11/21/97 - 49.00
11/24/97 - 49.13
11/25/97 - 49.13
11/26/97 - 49.25
11/28/97 - 49.25
The average stock price of BUL during the period covered by this table is
$39.38
Data Provided by Interactive Data.
41
Project Thoroughbred
- --------------------------------------------------------------------------------
Graph of FEB Stock Last 12 Months
5-4
42
FRANK E. BEST
DAILY CLOSING BID PRICE/VOLUME PERFORMANCE
11/27/96 - 11/28/97
Volume (000s)
DATE VOLUME STOCK PRICE
11/27/96 - 19.00
11/29/96 - 19.00
12/02/96 - 19.00
12/03/96 - 19.00
12/04/96 - 19.00
12/05/96 - 19.00
12/06/96 - 19.00
12/09/96 - 19.00
12/10/96 - 19.00
12/11/96 - 19.00
12/12/96 - 19.00
12/13/96 - 19.00
12/16/96 - 19.00
12/17/96 - 19.00
12/18/96 - 19.00
12/19/96 - 19.00
12/20/96 - 19.00
12/23/96 - 19.00
12/24/96 - 19.00
12/26/96 - 19.50
12/27/96 - 19.50
12/30/96 3.0 18.13
12/31/96 - 19.50
1/02/97 - 19.50
1/03/97 - 19.50
1/06/97 - 19.50
1/07/97 - 19.50
1/08/97 - 19.50
1/09/97 - 19.50
1/10/97 - 19.50
1/13/97 - 19.50
1/14/97 - 19.50
1/15/97 - 19.50
1/16/97 6.5 17.75
1/17/97 - 18.75
1/20/97 - 18.75
1/21/97 0.1 17.50
1/22/97 - 19.13
1/23/97 - 19.13
1/24/97 - 19.13
1/27/97 - 19.13
1/28/97 - 19.13
1/29/97 - 19.13
1/30/97 - 19.13
1/31/97 - 19.13
2/03/97 - 19.00
2/04/97 - 19.00
2/05/97 - 19.13
2/06/97 - 19.13
2/07/97 - 19.13
2/10/97 - 19.13
2/11/97 - 19.13
2/12/97 - 19.13
2/13/97 - 19.13
2/14/97 - 19.13
2/18/97 - 19.13
2/19/97 - 19.13
2/20/97 0.2 17.50
2/21/97 - 19.13
2/24/97 - 19.13
2/25/97 - 19.13
2/26/97 - 19.13
2/27/97 - 19.13
2/28/97 - 19.13
3/03/97 - 19.13
3/04/97 - 18.38
3/05/97 - 18.63
3/06/97 - 18.63
3/07/97 - 18.50
3/10/97 - 18.50
3/11/97 - 18.50
3/12/97 - 18.50
3/13/97 - 18.50
3/14/97 - 18.50
3/17/97 - 18.50
3/18/97 - 18.50
3/19/97 - 18.50
3/20/97 - 18.50
3/21/97 - 18.50
3/24/97 - 18.50
3/25/97 - 18.50
3/26/97 0.3 17.25
3/27/97 - 18.38
3/31/97 - 18.38
4/01/97 - 18.38
4/02/97 - 18.38
4/03/97 - 18.38
4/04/97 - 18.38
4/07/97 - 18.50
4/08/97 - 18.50
4/09/97 - 18.50
4/10/97 - 18.50
4/11/97 - 18.50
4/14/97 - 18.50
4/15/97 - 18.50
4/16/97 - 18.50
4/17/97 - 18.50
4/18/97 - 18.50
4/21/97 - 18.50
4/22/97 - 18.50
4/23/97 - 18.50
4/24/97 0.9 19.75
4/25/97 - 19.75
4/28/97 3.5 18.75
4/29/97 1.0 20.50
4/30/97 - 20.25
5/01/97 0.2 20.50
5/02/97 - 21.75
5/05/97 0.4 20.75
5/06/97 - 20.25
5/07/97 - 21.94
5/08/97 - 21.94
5/09/97 - 22.00
5/12/97 - 22.00
5/13/97 - 22.00
5/14/97 0.2 21.00
5/15/97 - 22.00
5/16/97 - 22.00
5/19/97 - 22.00
5/20/97 - 22.00
5/21/97 - 22.25
5/22/97 1.0 23.25
5/23/97 - 23.25
5/27/97 1.2 22.50
5/28/97 - 22.50
5/29/97 - 22.50
5/30/97 - 22.50
6/02/97 - 22.50
6/03/97 - 22.50
6/04/97 - 22.50
6/05/97 - 22.50
6/06/97 - 22.50
6/09/97 - 22.50
6/10/97 - 22.50
6/11/97 0.2 22.50
6/12/97 - 22.50
6/13/97 2.6 35.00
6/16/97 - 35.00
6/17/97 - 35.00
6/18/97 - 35.00
6/19/97 - 35.00
6/20/97 - 35.00
6/23/97 - 35.00
6/24/97 - 35.00
6/25/97 - 35.00
6/26/97 - 35.00
6/27/97 - 35.25
6/30/97 - 35.25
7/01/97 - 35.25
7/02/97 - 35.25
7/03/97 - 35.25
7/07/97 - 35.25
7/08/97 - 35.25
7/09/97 - 35.25
7/10/97 - 35.25
7/11/97 - 35.25
7/14/97 - 35.25
7/15/97 - 35.25
7/16/97 - 35.25
7/17/97 - 35.25
7/18/97 - 35.25
7/21/97 - 35.25
7/22/97 - 35.25
7/23/97 - 35.25
7/24/97 2.5 31.00
7/25/97 - 31.00
7/28/97 - 31.00
7/29/97 - 31.00
7/30/97 - 31.00
7/31/97 - 31.00
8/01/97 - 31.00
8/04/97 - 31.00
8/05/97 0.6 30.50
8/06/97 - 31.00
8/07/97 - 31.00
8/08/97 - 31.00
8/11/97 - 31.00
8/12/97 - 31.00
8/13/97 - 31.00
8/14/97 - 31.00
8/15/97 - 31.00
8/18/97 - 31.00
8/19/97 - 31.00
8/20/97 - 31.00
8/21/97 - 31.00
8/22/97 0.3 31.00
8/25/97 - 31.50
8/26/97 - 31.50
8/27/97 - 31.75
8/28/97 0.1 33.00
8/29/97 - 32.50
9/02/97 1.0 34.50
9/03/97 - 34.50
9/04/97 0.6 30.25
9/05/97 - 30.25
9/08/97 - 30.25
9/09/97 2.3 32.00
9/10/97 2.4 47.00
9/11/97 - 47.50
9/12/97 0.6 46.25
9/15/97 - 43.50
9/16/97 - 43.50
9/17/97 2.4 45.63
9/18/97 - 47.50
9/19/97 0.4 46.75
9/22/97 - 48.00
9/23/97 - 48.00
9/24/97 1.2 47.50
9/25/97 0.4 45.00
9/26/97 - 48.00
9/29/97 - 48.00
9/30/97 2.0 51.00
10/01/97 8.0 52.25
10/02/97 3.7 50.00
10/03/97 0.5 52.00
10/06/97 - 52.00
10/07/97 1.2 55.00
10/08/97 - 51.00
10/09/97 - 51.50
10/10/97 - 51.50
10/13/97 - 52.50
10/14/97 - 52.50
10/15/97 - 53.00
10/16/97 1.0 53.13
10/17/97 - 53.13
10/20/97 - 50.00
10/21/97 - 53.50
10/22/97 - 53.50
10/23/97 - 53.50
10/24/97 - 60.75
10/27/97 - 60.75
10/28/97 - 68.00
10/29/97 - 68.00
10/30/97 - 68.00
10/31/97 - 68.00
11/03/97 - 53.00
11/04/97 - 53.00
11/05/97 - 63.50
11/06/97 - 63.50
11/07/97 - 63.50
11/10/97 - 63.50
11/11/97 - 63.50
11/12/97 - 53.00
11/13/97 - 53.00
11/14/97 - 53.00
11/17/97 - 53.00
11/18/97 - 53.00
11/19/97 - 53.00
11/20/97 - 53.00
11/21/97 - 53.00
11/24/97 - 54.50
11/25/97 - 54.50
11/26/97 - 54.75
11/28/97 - 54.75
The average stock price of FEB during the period covered by this table is
$30.46.
Data Provided by Interactive Data
43
Project Thoroughbred
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Premium Analysis
44
Project Thoroughbred
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Premium Analysis
- - Overview
The Premium Analysis is a review of mergers and acquisitions involving
the sale of public companies. The analysis examines the premiums
represented by the proposed transaction values as compared to the market
prices of the companies on the previous day, four weeks ago and a 12 month
average. This analysis is based on information obtained from SEC filings,
public company disclosures, press releases, industry and popular press
reports, databases and other sources.
- - Transaction Selection Process
The comparable acquisitions used in this analysis selected based on the
following:
- Acquisitions of companies in going private transactions
- Transaction size between $10 and $800 million
- Acquirer owned more than 50% of target prior to transaction
- Deals announced between 1/1/91 and 11/4/97
This search yielded 11 transactions which satisfied the selection
criteria.
6-1
45
Project Thoroughbred
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Premium Analysis - Dividend Model Prices
Dividend Model Prices Median Price Premiums
($ Per Share) Low Median High 1 Day(1) 4 Weeks(2) 12 Mo. Avg.
--- ------ ---- ------- --------- ----------
BLC $447 $481 $520 88% 99% 203%
BUL A $103 $111 $119 109% 141% 182%
BUL B $101 $108 $117 104% 135% 174%
FEB $ 46 $ 50 $ 53 (6)% 9% 64%
Going Private Transactions: Mean 24.9% 38.5% 46.9%
Median 17.6% 38.6% 32.3%
(1) Last Trading Price as of 11/28/97
(2) Last Trading Price as of 10/31/97
6-2
46
Project Thoroughbred
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Premium Analysis - Sale Model Prices
Sale Model Prices Median Price Premiums
($ Per Share) Low Median High 1 Day(1) 4 Weeks(2) 12 Mo. Avg.
--- ------ ---- ------- --------- ----------
BLC $476 $493 $510 92% 104% 210%
BUL A $ 84 $ 87 $ 90 64% 89% 111%
FEB $ 25 $ 26 $ 27 (51)% (62)% (15)%
Going Private Transactions: Mean 24.9% 38.5% 46.9%
Median 17.6% 38.6% 32.3%
(1) Last Trading Price as of 11/28/97
(2) Last Trading Price as of 10/31/97
6-3